3 Wheeling Road in Dayton — Courtesy: CBRE
By Joshua Burd
Investment group Genesis has picked up another industrial outdoor storage property in New Jersey, buying a five-acre site in South Brunswick’s Dayton section for $5.7 million.
Brokers with CBRE arranged the transaction, noting that the parcel at 3 Wheeling Road has a 7,100-square-foot warehouse and service facility alongside 3.5 acres of useable outdoor space. That provides what the firm described as the ideal combination of proximity to major highways, infrastructure access and favorable zoning.
CBRE’s Mark Silverman, Elli Klapper, Liam McGregor and Mark Trevisan represented both parties. Murphy Schiller & Wilkes LLP also represented Genesis, with Partner Matthew J. Schiller leading the transactional team with the help of Counsel Joseph Vigliotti.
The deal follows Genesis’ purchase last month of a 4.8-acre industrial property in Marlboro, in a transaction also arranged by CBRE.
“The IOS market segment has expanded substantially over the past few years with investors clamoring for acquisition opportunities,” Silverman said. “Navigating this sale required a strategic approach and close coordination with all parties involved. Despite several complexities, we remained focused on delivering a successful outcome for our client. The sale of 3 Wheeling Road is a testament to our team’s persistence, market expertise and commitment to excellence.”
Trevisan added: “The CBRE team could not be happier for Genesis’s second acquisition with us. This site will be a great addition to their portfolio in one of the most institutional markets of New Jersey.”
CBRE: Morganville industrial site with 21,000 sq. ft. building trades for $6.9 million
